Abstract
Recognition of a trust as a legal institution established under foreign legal order is quite remarkable per se because the objective law governs the recognition with exception of the application of the law governing the personal issues. The aim of the recognition of a trust is to allow it to develop its functions under its governing law in the legal context of a country of recognition.
This requires to recognize it in terms of transposition of all possible effects enumerated for instance in Article 11 (2) and 3 of The Hague Convention on the law applicable to trusts and on their recognition into the other legal system. This aim should be achieved by transformation into similar legal institution of the country of recognition.
A single law applicable to the trust should notably govern the trustees' duties, rights of beneficiaries, trustees' liability and legal relationships between the trustee and trust creditors. The content and objective as well as the nature of the respective trust shall be undoubtedly decisive.
The issues of capacity and of the form of the trust are to be connected differently.